X, xAI, and SpaceX Are One Chain in the Filings. Tesla Is a Different Company.

The public chain runs in one direction. A post on March 28, 2025, says xAI acquired X. A SpaceX post on February 2, 2026, says SpaceX acquired xAI. The June 2026 prospectus states both effective dates and says Mr. Musk would hold about 82.4 percent of SpaceX’s voting power after the offering. Tesla is not in that chain. Its proxy, filed October 19, 2026, prints a separate percentage in Tesla.

No Tesla–SpaceX combination has been announced. That argument is merger talk. The offering itself is the IPO.

What’s confirmed

March 28, 2025: the post that says xAI acquired X

fxtwitter’s copy of @elonmusk/status/1905731750275510312, displayed as 9:20 p.m. on March 28, 2025, reads:

@xAI has acquired @X in an all-stock transaction. The combination values xAI at $80 billion and X at $33 billion ($45B less $12B debt).

The same post says X has “more than 600M active users,” that the companies would “combine the data, models, compute, distribution and talent,” and that “xAI and X’s futures are intertwined.” A direct fetch of x.com returned 403. The text above is fxtwitter’s.

CNBC (Lora Kolodny and Ari Levy, published March 28, 2025, updated March 30) reports the same all-stock transaction, the same $80 billion and $33 billion, and the parenthetical “$45 billion less $12 billion in debt.” CNBC calls the 2022 Twitter purchase a deal “valued at around $44 billion.” The filing record of that purchase is the acquisition page. This page does not restate it.

Label: His post, for the words and the two values. CNBC’s $44 billion is CNBC’s description of 2022. “More than 600 million” active users is his figure in the post. An all-stock combination he announces is not a shareholder list.

What the prospectus later calls those dates

The IPO page records the June 12, 2026 prospectus, a 424B4. A direct request for that filing from this environment returned 403 on October 20. The sentences here are the ones that page took from the filing on October 19.

The prospectus says the financial statements were recast to include X.AI Holdings Corp., acquired by SpaceX effective February 2, 2026, and X Holdings Corp., acquired by xAI effective March 28, 2025, because the transactions were between entities under common control. It says the AI segment is the business acquired with xAI, and that it includes AI compute, Grok, and X.

Label: The prospectus, as the IPO page records it. An effective date in a common-control recast is the company’s accounting description. March 28, 2025, is both the date on his post and the effective date the prospectus uses for the X transaction.

February 2, 2026: SpaceX says it acquired xAI

SpaceX’s post that day says the company had acquired xAI. The summary, and the orbital-compute arithmetic he attached to it, is xAI joins SpaceX. The arithmetic is a prediction on that page. It is not an ownership percentage.

Label: Company announcement, as that page summarizes the post. The acquisition sentence is the sentence that matches the prospectus date. The gigawatt example is not a share count.

Voting power after the June 2026 offering

The same prospectus, as the IPO page records it, says that at the offering size and price on the cover Mr. Musk would hold approximately 82.4 percent of the voting power immediately after the offering, or approximately 82.3 percent if the underwriters’ option were exercised in full. It says about 81.1 percent of that voting power is attributable to the Class B shares. It states 849,494,440 Class A shares and 5,219,053,075 Class B shares held by him, about 91.6 percent of the Class B. The Class B figure includes 1,302,072,285 restricted Class B shares which he may vote and whose vesting is subject to performance and other conditions. Each Class A share has one vote. Each Class B share has ten. The prospectus says the company expects to be a “controlled company” under Nasdaq rules.

Label: The prospectus, as of the offering. Voting power is the figure the cover describes. It is not an economic percentage. The restricted shares are in the voting description. The prospectus does not say they had vested.

Tesla is the other public company

Tesla’s definitive proxy, filed October 19, 2026, prints an ownership table as of September 30, 2026: 699,580,882 shares and 19.8 percent for Mr. Musk. The footnote on that page says the count includes shares in the Elon Musk Revocable Trust and the restricted shares from the June 16, 2026 option exercise, and that it does not include the unearned 2025 award. The pledged shares sit inside the count.

Label: Tesla’s proxy, for Tesla stock. 19.8 percent of Tesla is not 82.4 percent of SpaceX’s voting power. The proxy’s December 3 ballot does not include a combination. That absence is discussed on the merger-talk page. It does not close the question of a later meeting.

Claims and open questions

The $80 billion and the $33 billion are the values in his March 28 post. This desk did not open an appraisal or a closing binder. CNBC’s reading that the deal “likely amounts to a stock swap” is CNBC’s.

The prospectus voting figure is not a statement of what share of the economics he owns. The IPO page records the Class A and Class B counts behind the sentence. This page does not invent the missing economic percentage.

Other holders of X, of xAI, and of SpaceX are not listed in the post. “Controlled company” is the prospectus’s Nasdaq description. It is not a list of the minority.

The February 2 post’s claim that space could be the cheapest place to train models, and the gigawatt path, stay on the update. They are not titles to the companies.

A Tesla–SpaceX merger has not been announced. Barclays’ note and the Kalshi price are on the merger-talk page, labeled as a note and a price.

On the map

X is the platform. The 2024 block in Brazil is the Brazil page. xAI is the product hub. The rename posts are SpaceXAI to SpaceXSI. SpaceX is the parent the February post describes. The October 20 results, which are not this cap table, are the Q3 preview.

Sources

Checked October 20, 2026.